Fresh demand for Euros anticipated if EUR/USD sustains above 1.2740

EUR/USD pair - Hourly chart

The EUR/USD pair finished at 1.2735 levels, after having hit a high of 1.2766 levels. The pair is trading around 1.2735 levels today with the daily RSI bearish at 48.51 levels. On the hourly charts, the pair is struggling to rise above the 1.2740 levels today, while the RSI is inching lower towards 50.00 levels. Moreover, the pair failed to sustain gains above 1.2740 levels yesterday. Interestingly, the 1.2740-1.2730 level is also the neckline of the triple top formation witnessed in the last week on the hourly charts. Thus, a fresh demand for the Euros can be anticipated if the pair manages to sustain above 1.2740 levels. However, the pair is more likely to test 1.2690-1.2680 levels during the European session given the bearish daily RSI and the failure to rise above 1.2740 levels.

GBP/USD pair - Hourly chart

The GBP/USD pair finished yesterday at 1.6131 after swinging wildly on both sides throughout the day. The pair once again failed to rise above 1.6180 levels, while managing to sustain above the 5-day and the 10-day moving average levels. The pair is trading more or less unchanged today at 1.6139 with the daily RSI bearish at 48.98 levels. On the hourly charts, the RSI is flat around 54.00 levels with the prices struggling to rise above 1.6140 levels. Meanwhile, the pair has found a floor at 1.6127 levels today. Moreover, the hourly chart shows prices have failed for the fourth time yesterday to rise above 1.6180 levels since the last week. Hence, the pair is more likely to dip to 1.61 levels, dragging the hourly RSI below 50.00 levels. However, the bears may come-in strong only below 1.61 levels. On the other hand, the GBP bulls are likely to wait for a closing above 1.6180 levels.

EUR/GBP pair - Hourly chart

The EUR/GBP pair finished at 0.7894 levels yesterday, after having failed once again to breach the support at 0.7874. The pair is trading largely unchanged today with the daily RSI bearish at 49.20 levels. A look into the hourly chart reveals that the pair is largely restricted to a 40-pip range of 0.7860-0.7900 since last Friday. Thus a fresh demand for the Euros can be anticipated once the pair confirms a breach of 0.7900 levels on the hourly chart. However, the upside appears restricted around 0.7930 levels. Meanwhile, the bears may come-in strong once the pair confirms a breach of 0.7870 levels, pushing the pair down to the immediate support level of 0.7850. Moreover, the pair has consistently failed to breach the support 0.7874 levels on closing basis, which may eventually push the pair above 0.7900 levels.

USD/JPY pair - Hourly chart

The USD/JPY pair finished at 108.15 levels yesterday, after prices managed to rise from the rising trend line support at 107.69 on the hourly chart. The pair is trading slightly lower around 108.00 levels today after facing rejection at 108.20 levels during the early Asian session. However, the prices are consolidating around the trend line support at 108.05-108.07 levels with the RSI at 51.00 levels. The pair is likely to re-test 108.20 levels in the European session supported by the bullish daily RSI at 55.00 levels. The bears may regain control in case the pair dips below the rising trend line support seen at 107.88 levels. Meanwhile, a fresh demand for the US Dollars can be anticipated above 108.20 levels. The pair may re-test 109.00 levels today, f, if the prices manage to hold above 107.88 levels ahead of the Fed meet.